Standard Chartered Chairman Sir John Peace has apologized for making 'both legally and factually incorrect' statements about the bank's admission to wilful criminal conduct when it came to breaking US sanctions laws by moving money through the US system for clients based in Iran.

In a statement on Standard Chartered's website, Peace said that he "made certain statements that I very much regret and that were at best, inaccurate," when he, and the group's CEO and finance director, spoke at a press conference at the beginning of the month.

"In particular, I made the following statements in reference to a question regarding the reduction of bonuses for SCB executives [and said] 'We had no wilful act to avoid sanctions; you know, mistakes are made - clerical errors - and we talked about last year a number of transactions which clearly were clerical errors or mistakes that were made," he says.

"My statement that SCB "had no wilful act to avoid sanctions" was wrong, and directly contradicts SCB's acceptance of responsibility in the deferred prosecution agreement and accompanying factual statement. Standard Chartered, together with me, Peter Sands and Richard Meddings, who jointly hosted the press conference, retract the comment I made as both legally and factually incorrect," he adds.

The statement emphasised that Standard Chartered "unequivocally acknowledges and accepts responsibility, on behalf of the Bank and its employees, for past knowing and wilful criminal conduct in violating US economic sanctions laws and regulations, and related New York criminal laws, as set out in the deferred prosecution agreement.

Standard Chartered shares were little changed in early London trading, changing hands at 1,736 pence each, a 0.3 percent rise from Wednesday's close.